Wolfpack Graphic Design Consultants was able to expand its business in June 2021. They moved into new offices, hired more staff, and obtained more financing. Wolfpack Consultants opening balances for the month of June 2021 were as follows. You will also see these same opening balances in the Ledger (page of T-accounts). Debit Credit $11,280 6,440 830 $1,480 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings 6,340 7,300 3,430 $18,550 $18,550 ACCT B202-Fall 2021 Accounting Cyde Problem Page 2 of 2 Wolfpack had the following transactions in June: Prepare the necessary journal entries. June 1 Purchased computer-assisted design equipment, paying $8,000 cash and signing a 2-year note payable for $32,000. The equipment has a 5-year useful life and a salvage value of $4,000. The promissory note has a 6.0% interest rate, and interest is payable on the first day of the month, starting in July 2 Issued 5,000 shares of common stock for $55,000 cash. 3 Paid $4,000 cash for a 12-month insurance policy effective June 1. 4 Finished moving to larger offices and paid for the first two month's rent (June & July 2021) of leased office space at $4,200 per month Wolfpack had the following transactions in June: Prepare the necessary Journal entries. June 1 Purchased computer-assisted design equipment, paying $8,000 cash and signing a 2-year note payable for $32,000. The equipment has a 5-year useful life and a salvage value of $4,000. The promissory note has a 6.0% interest rate, and interest is payable on the first day of the month, starting in July 2 Issued 5,000 shares of common stock for $55,000 cash. 3 Paid $4,000 cash for a 12-month insurance policy effective June 1. 4 Finished moving to larger offices and paid for the first two month's rent (June & July 2021) of leased office space at $4,200 per month. 7 Purchased supplies for $3,300 cash. 11 Paid bi-weekly salaries of $12,250, Salaries are paid every two weeks. The work week is 5 days (Monday thru Friday). May 31 was a holiday and it is included here in this payment. (There was no salary accrual at the end of May because companies are not required to accrue for holiday pay.) 14 Collected $2,740 cash on account from Xavier Brothers. Wolfpack had billed this client in May when Wolfpack performed the services 15 Completed the promised design services for Gonzaga Enterprises, who paid $3,430 to Wolfpack in advance last month. All services relating to this payment are now completed 16 Paid $480 cash for a utility bill, the amount for which had been accrued at the end of May. (DO NOT use Utilities Payable. Use a different account name.) Met with a new client, Canisius Corp, who paid Wolfpack $17,000 cash in advance 15 for design services to be performed over the next two months. 17 Visited ideal Productions, Inc and agreed on the terms of a consulting project. Wolfpack will bill the client on the 20th of each month for services performed 21 Billed customers $46,000 for services performed. 23 Performed the first phase of the project promised to Canisius Corp. Recognized $9,000 of revenue from the cash advance received June 15 25 Paid bi-weekly salaries of $12,250. 28 Received a bill for $2,350 for advertising services received during June. The amount is not due until July 15. 30 Declared and paid $6,200 dividends to shareholders 30 Received $25,000 cash from clients paying on account